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April 2021

Monthly roundup | Investment companies Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments

Winners and losers in March

It feels as though the rotation from ‘growth’ to ‘value’ that began last November regained some momentum in March. Having been amongst the best performers over 2020, sentiment towards Chinese funds has deteriorated, China appears to be withdrawing stimulus, clamping down on lending and is targeting many of its leading companies with anti-monopoly probes. We note that the Association of Investment Companies (AIC) has made some changes to its sector classifications, headlined by the introduction of China/Greater China, India and Property – UK Logistics as separate sectors (see Appendix 1 for a breakdown of how all the sectors have performed this year). On balance, it was a good month for investment companies, March’s median total share price return was 1.5% (the average was 2.4%) which compares with an increase of 0.7% in February. UK equity and property assets continued to rally while improved sentiment towards US cyclical sectors benefitted the North America sector, which includes a number of equity income strategies.

Readers interested in the most recent briefings from the industry can click here to access our economic and political roundup.

Best performing sectors in March 2021 by total price return Median share Median NAV total Median discount Median sector Number of price total return return 31/03/21 market cap companies in the (%) (%) (%) 31/03/21 (£m) sector

North America 7.5 6.4 (5.0) 263 6 UK Equity & Bond Income 7.2 5.9 (9.5) 130 2 UK All Companies 6.9 4.5 (3.3) 233 11 India 6.7 5.1 (12.1) 218 4 Asia Pacific Smaller Companies 5.9 2.9 (11.3) 335 3 Source: Morningstar, Marten & Co. Note: inclusive of sectors with at least two companies. Note: many alternative asset sector funds release NAV performance on a quarterly basis

Worst performing sectors in March 2021 by total price return Median share Median NAV total Median discount Median sector Number of price total return return 31/03/21 market cap companies in the (%) (%) (%) 31/03/21 (£m) sector

China / Greater China (9.4) (6.2) (1.1) 504 3 Leasing* (6.3) 0.0 (43.9) 96 6 Biotechnology & Healthcare (2.3) (0.1) 1.0 786 6 Asia Pacific (1.1) (1.0) (7.9) 578 6 Commodities & Natural Resources (0.1) 0.2 (4.6) 94 8 Source: Morningstar, Marten & Co. Note: inclusive of sectors with at least two companies. *many alternative asset sector funds release NAV performance on a quarterly basis

Investment companies monthly roundup – April 2021 1

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Winners and losers continued…

Best performing funds in total NAV (LHS) and price (RHS) terms over March 2021 Fund Sector (%) Fund Sector (%)

Aberforth Split Level Income UK Smaller Companies 11.2 Drum Income Plus REIT Property - UK 75.0 Commercial Chelverton UK Dividend UK Equity Income 9.8 BMO Private Equity Private Equity 26.7

Fidelity Special Values UK All Companies 9.6 Chelverton UK Dividend UK Equity Income 22.2

North American Income North America 9.1 Electra Private Equity Private Equity 18.1 Merchants Trust UK Equity Income 9.1 LMS Capital Private Equity 17.0

Aberforth Smaller Companies UK Smaller Companies 8.6 Geiger Counter Commodities & 15.4 Natural Resources Middlefield Canadian Income North America 8.3 Temple Bar UK Equity Income 15.4

Securities Trust of Scotland Global Equity Income 7.9 RIT Capital Partners Flexible 15.4 Investment Fidelity European Europe 7.9 BlackRock North American Inc. North America 12.9 Geiger Counter Commodities & Natural 7.7 JPMorgan Mid Cap UK All Companies 12.7 Resources Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 31/03/21

Worst performing funds in total NAV (LHS) and price (RHS) terms over March 2021 Fund Sector (%) Fund Sector (%)

UIL Flexible Investment (8.8) FastForward Innovations Private Equity (31.5) JPMorgan China Growth & China / Greater China (7.5) Baillie Gifford China Growth China / Greater China Income (13.8)

Edinburgh Worldwide Global Smaller Companies (7.1) Globalworth Real Estate Property - Europe (13.4) Baillie Gifford US Growth North America (6.4) Riverstone Energy Commodities & Natural Resources (13.4)

Biotech Growth Biotechnology & Healthcare (6.4) KKV Secured Loan Leasing (12.7) Baillie Gifford China Growth China / Greater China (6.2) UIL Flexible Investment (11.6)

Pacific Horizon Asia Pacific (5.4) Secured Income Fund Debt - Direct Lending (11.6) Manchester & Global (4.4) Amedeo Air Four Plus Leasing (11.1) Golden Prospect Precious Metal Commodities & Natural (4.4) JPMorgan China Growth & China / Greater China Resources Income (9.4) International Biotechnology Biotechnology & Healthcare (3.6) Private Equity (8.1) Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 31/03/21

The split capital structures operated by Aberforth Split Level Income and Chelverton UK Dividend has made them particularly strong beneficiaries of the ongoing rally in UK equities. We note that, as of 31 March, only Geiger Counter had a higher NAV return (minimum market cap of £15m) over the year-to-date. In fact, five of the 10 best performers, in NAV terms, were UK equity strategies. With the outlooks for many of their underlying cyclical sectors improving, North American income strategies, led by North American Income, performed well over March. Discounts have been narrowing across much of the private equity sector (arguably belatedly), with the majority of the underlying funds held by the fund of funds structures generating

Investment companies monthly roundup – April 2021 2

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distributions well ahead of forecasts. BMO Private Equity and LMS Capital began March trading at discounts of close to and over 40% of their most recently published NAVs, but these have narrowed since. Drum Income Plus REIT’s shares shot up after announcing a strategic review that could result in it selling off all its assets. It has traded at a persistent discount since launching in 2015. After faring so well over 2020, sentiment towards Chinese stocks has deteriorated over recent weeks. Baillie Gifford China Growth led share price declines in the newly segregated China/Greater China sector classification. As shown in the Appendix section, in share price terms, China/Greater China has been the third-worst performing sector this year. This is primarily being driven by profit taking as the Chinese government withdraws stimulus. Investors also seem to be withdrawing money from growth sectors such as tech and biotech, hitting Baillie Gifford US Growth and Manchester & London. Biotech Growth and International Biotechnology have returned (9.5%) and (9.7%) over the year-to-date in share price terms, after a strong 2020. While UK property funds have been staging a comeback, this has not extended to Continental and Eastern Europe, where the vaccine rollout has been uneven. This was reflected in the share performance of Globalworth Real Estate. It is a major office-space investor in Poland and Romania.

Moves in discounts and premiums

More expensive (LHS) and cheaper (RHS) relative to NAV Fund Sector 31 Mar 28 Feb Fund Sector 31 Mar 28 Feb (%) (%) (%) (%)

Chelverton UK Dividend UK Equity 2.1 (8.2) FastForward Private Equity (12.0) 28.6 Income Innovations Schroder European Real Property - (26.0) (34.1) Secured Income Fund Debt - Direct (24.5) (14.6) Estate Europe Lending Geiger Counter Commodities 11.1 3.7 Globalworth Real Property - Europe (29.7) (19.9) Estate Gore Street Energy Renewables 10.7 3.9 Baillie Gifford China China 3.3 12.4 Storage Growth Gresham House Strategic UK Smaller (6.3) (12.8) Riverstone Energy Commodities (43.3) (34.5) Companies Source: Morningstar, Marten & Co. Note: excludes alternative asset funds where there was no recorded change to the NAV over the month

Schroder European Real Estate was the best performing European property fund in price terms over March, as investors saw value in the discount of (34.1%) and a yield above 7%, at the start of the month. Rent collection of 89% in the final quarter of 2020 was received positively and progress towards bringing the dividend back to its pre-COVID level has been encouraging, helped by the ability to dip into its capital following the timely sale of a Paris office block for a profit of around €70m. Chelverton UK Dividend was covered above while Gresham House Strategic has similarly benefitted from the marked improvement in sentiment. As of 31 March, only Drum Income Plus REIT has performed better than Geiger Counter over the year-to-date in share price terms. Uranium miners have been rallying considerably with Uranium supply constrained and demand benefitting from the increase in nuclear capacity across China especially, as part of its clean energy policy. It is also believed that the US and EU want nuclear to play an important part in the evolvement of the energy composition mix. Gore Street Energy Storage’s premium widened following its update on the National Grid’s new Dynamic Containment Service, which may have made battery storage a lot more lucrative.

Investment companies monthly roundup – April 2021 3

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Money raised and returned over March

Money raised (LHS) and returned (RHS) over March in £m Fund Sector £m Fund Sector £m raised returned

Digital 9 Infrastructure Infrastructure 300.0 UK Mortgages* Debt - Structured (27.1) Finance Tritax EuroBox Euro Property - Europe 198.4 Scottish Mortgage* Global (15.8) LXI REIT* Property - UK 125.0 Witan* Global (6.0) Commercial Sequoia Economic Infrastructure Infrastructure 110.0 Troy Income & Growth* UK Equity Income (4.5) Income* Smithson Global Smaller 65.0 Schroder Real Estate* Property - UK (3.9) Companies Commercial Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 31/03/21. *Note: based on the approximate value of shares at 31/03/21

Following on from Cordiant Digital Infrastructure’s £370m IPO last month, Triple Point’s Digital 9 Infrastructure got off the ground, raising £300m. While this was below their £400m target, the issue size is still a very good result. It will invest in a range of digital infrastructure assets, which deliver a reliable internet including (but not limited to) subsea fibre, data centres, terrestrial fibre, tower infrastructure and small cell networks (including 5G). Elsewhere, Tritax EuroBox led capital raising amongst the existing funds, bringing in £198.4m in an oversubscribed issue. The logistics sector has taken off since the pandemic with online retailing growing exponentially and businesses responding by shoring up their distribution networks. EuroBox’s key developer relationships allow it access to investment opportunities that would never come to the market. Sequoia Economic Infrastructure Income’s £110m of new capital will be used to pay down debt and expand the portfolio. Returns of capital were led by UK Mortgages, Scottish Mortgage, Witan, Troy Income & Growth, and Schroder Real Estate.

Investment companies monthly roundup – April 2021 4

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Major news stories and QuotedData views over March

Portfolio developments Corporate news • SDCL Energy Efficiency Income sealed a deal with the UK’s largest • Digital 9 Infrastructure’s IPO raised £300m operator of public electric vehicle charging points • Strategic Equity Capital scored a comfortable win in its • HgCapital Trust had a bumper year continuation vote • RTW Venture participated in financing rounds held by Ventyx • Drum Income Plus REIT is undertaking a strategic review Biosciences and Visus Therapeutics • Fundsmith Emerging Equities proposed an amendment to its • BlackRock World Mining had a great 2020 investment objective and policy • Mercantile reflected on a difficult year and its optimism around the • Fair Oaks Income published a prospectus on its reorganisation UK for 2021 and placing programme proposals • India Capital Growth began to reap the rewards of an improved • There was a shakeup at JPMorgan Multi Asset. It is changing its process name to JPMorgan Multi-Asset Growth & Income • BioPharma Credit is to invest $150m in senior secured loan • is looking to grow to fund its active agreement with LumiraDx pipeline of around £1bn • We had inaugural results from Octopus Renewables Infrastructure • It was a tough year for BlackRock Latin American • Apax Global Alpha had a great year • JLEN Environmental Assets made its third investment into battery storage systems • Aberdeen Smaller Cos Income held its nerve through pandemic • acted as a cornerstone investor in a US$148m financing round for Gyroscope Therapeutics

Property news Managers and fees • achieved an investment-grade credit rating • Scottish Mortgage’s manager James Anderson is to retire • We also had a response from Civitas and Triple Point Social Housing to a regulator update • CEIBA raised €25m in a convertible bond issue • Tritax EuroBox was assigned investment grade credit rating by Fitch. It also raised €230m in oversubscribed placing • LXI REIT bought seven foodstores for £85m

QuotedData views

• There’s more to emerging markets than China – 26 March • Keeping the dividends flowing – 12 March • Will Rishi’s call for return to office impact sector? – 26 March • Too late to save property’s problem child? – 12 March • Retiring gracefully – 19 March • Inflation fears making waves – 5 March • Property one year on from lockdown – 19 March • Student digs top of the class for COVID rebound? – 5 March

Visit www.quoteddata.com or more on these and other stories plus in-depth analysis on some funds, the tools to compare similar funds and basic information, key documents and regulatory news announcements on every investment company quoted in London

Investment companies monthly roundup – April 2021 5

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Upcoming events

Here is a selection of what is coming up. Please refer to the Events section of our website for updates between now and when they are scheduled:

• Murray International Trust PLC online shareholder presentation, • The Renewables Infrastructure Group AGM 2021, 13 April 5 May • Herald AGM 2021, 20 April • Schroder Asian Total Return AGM 2021, 7 May • CVC Credit Partners European Opportunities AGM 2021, 22 April • Aberdeen Asian Income AGM 2021, 12 May • The London Investor Show, 23 April • Nippon Active Value Fund AGM 2021, 12 May • JPMorgan US Smaller AGM 2021, 26 April • Temple Bar AGM 2021, 13 May • Fidelity Japan presentation 2021, 26 April • JPMorgan American AGM 2021, 14 May • Aberdeen Asian Income manager presentation 2021, 27 April • Baillie Gifford Shin Nippon AGM 2021, 14 May • JPMorgan American manager presentation 2021, 28 April • Fidelity Japan AGM 2021, 18 May • Aberdeen Smaller Companies Income AGM 2021, 28 April • Riverstone Credit Opportunities Income AGM 2021, • Pershing Square AGM 2021, 28 April 19 May • Henderson High Income AGM 2021, 24 May • Greencoat UK Wind AGM 2021, 28 April • Sustainable & Social Investing Conference, • Witan AGM 2021, 28 April 21 May • BBGI Global Infrastructure AGM 2021, 30 April • Axiom European Financial Debt AGM 2021, 19 July • Apax Global Alpha AGM 2021, 4 May

Interviews

Have you been listening to our weekly news round-up shows? Every Friday at 11 am, we run through the more interesting bits of the week’s news and we usually have a special guest or two answering questions about a particular investment company.

Friday The news show Special Guest Topic

6 November RSE, LBOW, SONG, VIN Michael Bonte-Friedheim NextEnergy Solar 13 November RHM, VGEO, SHED, RDI Roger Clarke IPSX Group 20 November THRG, MTE, UKML Fran Radano North American Income Trust 27 November SBO, NAVF, CCJI Nicholas Weindling JPMorgan Japanese 4 December PCFT, IVI, GPM Denis Jackson & James Henderson 11 December KIT, JUS, RTW Steve Cook Sequoia Economic Infrastructure 8 January Review of 2020 Andrew McHattie Review of 2020 15 January GVP, SUPP, SBO James Robson RM Secured Lending 22 January SONG, JGC, RMMC Adam Khanbhai Strategic Equity Capital 29 January SLPE, FSFL, RSE Philip Kent GCP Infrastructure 5 February RHM, IPOs Dean Orrico Middlefield Canadian Income 12 February RTW, UKW, SEC, GVP Alan Gauld Standard Life Private Equity Trust 19 February JLEN, KKV, BH Global, EBOX/BOXE Matthew Tillett The Brunner Investment Trust 26 February LWDB, TIGT, BRFI, RDI Nalaka De Silva Aberdeen Diversified Inc. & Growth 5 March Review of February, CMHY, SEC, Nick Brind Polar Capital Global Financials GSF, APAX

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12 March HOME, LXI, BBOX Stuart Young Phoenix Spree Deutschland 19 March CSH, APX, SUPR Richard Moffitt Urban Logistics REIT 26 March MATE, CHRY, DGI9, SYNC Ross Teverson Jupiter Emerging and Frontier Income 9 April Review of March, CBA, SEC, SEIT, Neil Hermon Henderson Smaller Companies SUPP

And here is what is coming up:

Friday Special Guest Topic

16 April Hugo Ure Troy Income & Growth

Investment companies monthly roundup – April 2021 7

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Research notes published recently

Despite the difficulties of COVID-19, Aberdeen New Dawn (ABD) has provided very strong absolute and relative returns during the last 12 months. These are markedly ahead of its benchmark, the wider Asia ex Japan region and global equity markets more generally. Asia is emerging from the pandemic in a position of relative strength and ABD’s manager thinks valuations are at attractive levels relative to global equities.

Vietnam’s response to the COVID-19 pandemic has been very effective and, reflecting this, the International Monetary FUND (IMF) has predicted that it will post positive GDP growth of 1.6% for 2020, increasing to 6.7% this year and averaging 7.0% for 2021 to 2025. Indeed, Dynam Capital, Vietnam Holding’s (VNH’s) manager, believes that Vietnam will be one the 20 largest economies in the world by 2050.

From the beginning of April, Brown Advisory (Brown) is set to take over the management of Jupiter US Smaller Companies (JUS), following the retirement of the trust’s long-standing manager, Robert Siddles. Back in December, when JUS’s board announced its intention to appoint Brown, it said that the long and impressive track record of the new manager’s US small-cap growth strategy, with annualised returns of 14.5% over 10 years, stood out in a highly competitive field. It also said that it believed that the appointment of Brown should lead to strong performance, a narrower discount and ultimately the ability to grow the company over time.

North American Income Trust (NAIT) stands apart amongst the AIC North America sector funds in combining an income focus with at least 90% of its portfolio invested in the US. NAIT’s manager, Fran Radano, believes that this should work in its favour, as there is a good chance that the market rotation back into sectors with attractive valuations, like financials, will continue over the rest of 2021.

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Weiss Korea Opportunity Fund (WKOF) was one of the best-performing of all London-listed investment companies last year, and since its 2013 launch it has delivered more than twice the return of its performance benchmark index, the MSCI Korea 25/50 Index. WKOF has a unique investment approach within the investment company sector. Not only is it the only UK-listed fund offering investors dedicated access to South Korean stocks, it has also adopted a differentiated investment approach that seeks to profit from the valuation gap between the non-voting Korean preference shares that make up substantially all of its portfolio and the common shares issued by the same companies.

Aberdeen Emerging Markets Investment Company’s (AEMC’s) managers, Andrew Lister and Bernard Moody, note investors’ new-found enthusiasm for emerging markets, now that they have been outperforming for a while. Their long experience of investing in the space tells them that now is a good time to be cautious. They have been taking profits on some positions and reallocating funds to areas that are yet to feel the full benefit of the change in sentiment toward the sector.

Guide

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Investment companies monthly roundup – April 2021 9

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Appendix 1 – median performance by sector, ranked by YTD total price returns

Share NAV TR Share NAV TR Discount Discount Change Market cap Number of price TR YTD price TR Mar. 31/03/21 28/02/21 in 31/03/21 companies YTD Mar. discount in the (%) (%) (%) (%) (%) (%) (%) (£m) sector

Commodities & 13.7 3.3 (0.1) 0.2 (4.6) (2.9) (1.7) 94 8 Natural Resources North American 9.2 8.8 5.8 3.4 (3.3) (5.3) 2.0 217 2 Smaller Companies Debt - Structured 8.2 3.8 1.3 0.0 (12.8) (12.8) 0.0 151 7 Finance Property - UK 7.9 0.0 0.6 0.0 6.7 6.0 0.7 3,087 1 Logistics UK Smaller 7.8 8.4 4.6 3.8 (8.5) (11.2) 2.7 131 24 Companies North America 7.6 10.2 7.5 6.4 (5.0) (6.4) 1.4 263 6 India 7.4 6.3 6.7 5.1 (12.1) (12.5) 0.4 218 4 Asia Pacific Smaller 7.1 8.1 5.9 2.9 (11.3) (14.0) 2.7 335 3 Companies UK Equity & Bond 5.8 4.6 7.2 5.9 (9.5) (10.6) 1.1 130 2 Income Property - UK 5.6 1.1 1.6 0.0 (16.5) (19.4) 3.0 188 16 Commercial Private Equity 4.9 0.0 2.3 0.0 (20.7) (23.3) 2.6 210 20 Global Equity Income 4.8 6.0 5.5 4.4 (0.3) (1.4) 1.1 310 7 Property - UK 4.8 0.8 0.6 0.0 (3.0) 0.0 (3.0) 274 9 Residential UK All Companies 4.6 5.0 6.9 4.5 (3.3) (6.1) 2.8 233 11 Country Specialist 4.4 6.7 2.5 2.4 (13.6) (14.1) 0.5 281 5 Growth Capital 4.0 0.0 0.3 0.0 (1.9) (1.5) (0.4) 336 5 UK Equity Income 3.8 4.7 5.0 4.4 (1.4) (2.8) 1.4 222 26 Flexible Investment 3.6 0.6 1.5 1.3 (2.4) (3.7) 1.4 85 22 Property - UK 3.2 1.5 2.8 (0.7) 5.9 3.0 2.9 471 2 Healthcare Property - Debt 2.2 2.2 0.2 0.3 (14.0) (11.4) (2.7) 214 4 Global Emerging 2.0 5.0 1.2 2.1 (7.3) (8.0) 0.6 311 14 Markets Debt - Direct Lending 1.6 1.6 0.2 0.7 (7.8) (8.9) 1.1 103 10 Royalties 1.2 (2.8) 4.7 0.7 6.2 2.4 3.9 796 2 Environmental 1.2 1.4 0.0 1.4 0.9 0.4 0.5 67 4 Debt - Loans & 1.0 2.1 0.2 0.8 (5.7) (4.7) (1.0) 126 15 Bonds Global 0.9 1.6 2.4 1.9 (4.5) (6.6) 2.1 423 17 Hedge Funds 0.7 1.3 1.3 0.6 (16.9) (15.8) (1.1) 55 11

Investment companies monthly roundup – April 2021 10

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Share NAV Share NAV Discount Discount Change Market cap Number of price total total price TR total 31/03/21 28/02//21 in 31/03/21 companies return YTD return Mar. return discount in the YTD Mar. sector (%) (%) (%) (%) (%) (%) (%) (£m) Europe 0.2 3.5 3.8 3.9 (9.8) (9.7) (0.1) 387 8 Financials 0.0 0.0 0.0 0.0 0.0 0.0 0.0 255 3 Insurance & 0.0 0.0 0.0 1.3 (18.6) (14.2) (4.4) 5 5 Reinsurance Strategies Property - Europe 0.0 0.0 0.0 0.0 (7.6) (13.0) 5.4 285 7 Property - Rest of (0.1) 0.0 0.7 0.0 (45.8) (45.8) 0.0 45 4 World Renewable Energy (0.3) 1.5 0.2 0.0 8.1 9.6 (1.5) 465 16 Infrastructure Infrastructure (0.5) 2.2 3.8 7.3 (6.1) (3.4) (2.7) 105 2 Securities European Smaller (0.6) 1.4 1.7 1.9 (11.3) (11.3) 0.1 554 4 Companies Japan (1.4) 1.9 3.5 3.6 (8.8) (8.8) (0.1) 272 6 Biotechnology & (1.8) (0.2) (2.3) (0.1) 1.0 1.3 (0.3) 786 6 Healthcare Asia Pacific (2.0) 2.8 (1.1) (1.0) (7.9) (6.8) (1.1) 578 6 Leasing (2.3) 2.0 (6.3) 0.0 (43.9) (38.8) (5.1) 96 6 Global Smaller (3.0) 5.2 0.9 0.0 (7.6) (10.1) 2.5 1,294 5 Companies Infrastructure (3.7) 0.0 0.0 0.0 2.1 3.5 (1.4) 1,146 9 Technology & Media (4.8) (0.6) 0.9 (1.4) (4.6) (6.5) 1.9 1,162 3 China / Greater China (9.6) (0.6) (9.4) (6.2) (1.1) (0.2) (0.9) 504 3 Latin America (10.2) (7.0) 2.0 3.5 (10.1) (8.3) (1.9) 88 2 Japanese Smaller (10.9) (4.7) 1.3 3.5 (4.8) (5.5) 0.7 148 5 Companies MEDIAN 1.2 1.6 1.3 0.7 (6.1) (6.6) 0.5 255 6 Source: Morningstar, Marten & Co

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